In King and Pierce counties, we’re still technically in Phase II of the coronavirus reopening plan, but we recently got an update from Governor Inslee stating that home touring options for Realtors and their homebuyer clients were being expanded. 

Until a couple of weeks ago, only two people were allowed inside a home at one time, and they had to wear masks and maintain social distancing. Now, though, up to five people (plus the broker) are allowed inside a listing. This is fantastic news for our market, and there are a few specific ways it affects buyers and sellers. 

“As long as everyone wears masks and heeds social distancing requirements, you can view homes as a family.”

If you’re a buyer, this obviously makes the home shopping process much smoother. You and the rest of your family don’t have to wait in the car while your spouse views a property, or vice versa. As long as everyone wears masks and heeds social distancing requirements, you can view homes as a family. It also means you and your family can be part of the home inspection phase of the buying process. Prior to this announcement, buyers had to attend home inspections virtually. 

Additionally, we Realtors can now conduct buyer consultations in person instead of virtually. We can either schedule for you to meet us at our office here in Sumner, a public place, or your current home. 

If you’re a seller, we don’t have the capability to host open houses yet (every showing is by appointment only), but the good news is that traffic is still very brisk. If you list your home now, you’ll still get a lot of foot traffic, but it will all be segmented by time blocks. The market has shown no signs of slowing down, and in many cases, listings are attracting multiple offers. Other than not being able to host open houses, our marketing strategies are operating as normal. 

As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’d love to help.

The market is hot right now, and homes are selling fast with multiple offers. Below are six important tips to remember if you’re a buyer trying to compete in today’s market; if you find yourself in a bidding war for the house of your dreams, you’ll be glad you read this. 

1. Increase your earnest money. The days of $500 and $1,000 earnest money deposits are long gone. Increasing your deposit shows that you are a serious buyer acting in good faith. Our buyer specialists recommend a minimum earnest money deposit of 1% of the total purchase price; in particularly competitive situations, we do recommend a 2% to 3% deposit if possible. 

2. Show the sellers that you’re qualified. Many lenders do a basic pre-qualification report, meaning they pull your credit report, check your recent pay stub, and don’t investigate beyond that. Finding a lender that will begin the underwriting process in advance of making an offer will strengthen your buying power. In some cases, underwriting can be completed subject to an appraisal in advance of going under contract, which makes your pre-approval as good as cash. Our lending partner can provide you with this option. 

3. Offer terms that the seller wants. In advance of making an offer, a good real estate broker will contact the listing broker to explore potential terms that the seller is looking for in their ideal offer. This can include things such as a quick closing date, or an allotted rent-back period. Sweetening the pot doesn’t always mean raising your price; tweaking the terms in the sellers’ favor can help your offer stand out.  

4. Shorten or waive contingencies. In multiple-offer situations, a seller’s decision often comes down to the contingencies that are built into the contract. Shortening the contingency period or making the inspection contingency a pass/fail metric and waiving the financing contingency can make your offer very appealing. If you have the right lender and real estate broker, these contingencies can be adjusted or removed altogether with the confidence that your best interests are still protected. 

5. Make it personal. Write a letter to the sellers telling them everything you love about the home. There have been a few scenarios in the past where our clients wrote letters to the sellers and had their offers accepted over multiple other higher bids. 

6. Write your best offer. In a strong seller’s market, don’t expect there to be any opportunity for negotiation. You have just one chance to make your offer shine, so put your best foot forward and don’t try to play any mind games. 

If you have more questions about the purchasing process and want to discuss this topic in greater detail, don’t hesitate to reach out to us via phone or email. One of our highly capable buyer specialists or I can talk to you about setting up a consultation to help you start your home buying journey off right. 

We’ve had several listings over the last couple of months during this pandemic, so it is possible to buy or sell a home right now. Properties on the market are moving quickly, but there are also some things you should understand before listing your home to overcome the present challenges.

The first thing I want to talk about is www. Staging has been one of those things that people feel is expensive and unnecessary. However, it’s so important to understand the benefits of staging to properly understand its impact.

“You need a great agent on your side, especially these days.”

A recent study from The Mortgage Reports concluded that staged homes sold an average of 73% faster than unstaged homes. The main point of staging is to eliminate clutter, update decor, and adjust furniture layout to improve the flow of the home, making it lighter, brighter, and more inviting. These things can be done on your own, but I would leave the decor and furniture to a professional who does this on a daily basis. Our team provides a free staging consultation to all of our clients.

Next, focus on your curb appeal. Many buyers are conducting drive-bys before they schedule showings, and you want to make a great first impression. A lot of things you can do that are very low cost include power washing your front sidewalk and driveway, hanging modern house numbers, making sure your lawn is green and cut, and getting your flowerbeds weeded with fresh mulch. Great curb appeal leads to great photos that will be warm and inviting to potential buyers.

Finally, it’s important to conduct safe showing alternatives. There are restrictions on how many people can tour your home at one time. Open houses are no more. We’re providing virtual tour options to all of the buyers we’re working with through Matterport 3D photography. It’s very cool and can actually offer maximum exposure online and in person.

Selling during a pandemic can be challenging. That’s why it’s so important to work with a professional who knows that staging, curb appeal, and safe showing alternatives are vital to a successful and profitable sale.

If you have any questions for me, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.

As a homebuyer, there are three steps you need to take before you start shopping for homes if you want to set yourself up for success:

1. Pick your representation. By this I mean you should interview several brokers and pick one to represent you during the transaction. A good broker will always conduct a buyer consultation with you before entering into any agency relationship. During this consultation, they’ll set up property alerts to aid you during your search. They’ll also discuss the home purchasing process and outline the benefits of working with a buyer representative. McAuley Homes has two buyer representatives on staff, and if you subscribe to our video blog, you’ve probably gotten calls from them about scheduling a buyer consultation.

 2. Get a pre-approval letter from a good lender. Pick a lender who communicates well and meets or exceeds deadlines. If you need help finding a good lender, we would be happy to refer you to our preferred lender. The pre-approval process identifies the variables your agent should know about before making an offer, such as your maximum purchase price, the loan program you qualify for, and down payment (if any) you bring to the table. You’ll need this pre-approval letter in order to write an offer. Since the pandemic began, sellers have preferred pre-approved buyers, so this step is vitally important.

 3. Sign a buyer’s agency agreement. Some people are scared of doing this, but there are a couple of benefits involved. First, this agreement cements the relationship between you and your buyer specialist. Cementing this relationship makes you a top priority to them. You’ll be the first client on their schedule and the first to tour homes. Also, this agreement clarifies who pays the commissions. Here in Washington, the seller typically pays the commissions, so in most cases, you’ll receive representation at no cost.

By completing these three steps, you’ll be able to make an offer at a moment’s notice. You’ll also know that when you find the property you want to purchase, you’re absolutely capable of doing so. 

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.

One of the questions I’ve been hearing a lot from clients lately is, “Is now a good time to sell despite all that has gone on in our world?”

The short answer is yes, and a quick look at how our market has changed over the last few months shows why.

“It’s a great time to be a seller.”

Before the pandemic, we had historically low inventory that was causing intense competition among buyers. Inventory stayed low but buying activity certainly dropped off for a few months. Now, people are starting to look at houses again with inventory that’s even lower.

This will only make competition among buyers even more intense. Listing your home now is a great way to have your pick of the litter when it comes to offers. You can get top dollar and great terms. We just sold a home for a client well over their asking price after receiving 10 offers. We can help you do the same.

At this point, it’s a great time to be a seller. Our inventory is historically low. It is also important that you consider staging your home on your own, if not professionally. We can provide some tips for this as well.

If you have questions about buying or selling a home or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you.